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Gain on mutual funds


Dheeraj (Learner)     13 July 2011

Dheeraj
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long term capital gain on mutual funds is taxable or exempt?

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Tushar Arora (CA Finalist & Article)     13 July 2011

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exempt if the mutual fund is equity based fund i.e. having equal to or more than 65% investment in equity..

 

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C.A SHASHANK GOYAL (Chartered Accountant)     13 July 2011

C.A SHASHANK GOYAL
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YES AGREE WITH ABOVE AND BY VIRTUE OF SECTION 10(35).

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Durgesh Joglekar (Mcom)     13 July 2011

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Agree with tushar......

In the case of long term capital gain arising out of the sale of shares or equity mutual funds, there is no income tax under section 10(38) is fully exempt.

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Dheeraj (Learner)     13 July 2011

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these are normal mutual funds and i think co. never tell us what they will do with the money recd. against mutual funds..

 

i mean how can i know they invest >65% in equity
 

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Durgesh Joglekar (Mcom)     13 July 2011

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Dheeraj......

in FACTSHEET of any AMC it is specified about it... as EQUITY oriented mutual fund schemes.....

or else you can check out at...

http://www.amfiindia.com/schemedetails.aspx

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Dheeraj (Learner)     13 July 2011

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i think all mutual funds are not exempt

like mutual funds of Reliance, HDFC, UTI etc.

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U S Sharma (glidor@gmail.com)     13 July 2011

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check the document under link to find that your mutual fund is exempted or not

http://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2008ITAct/sec_010(23d).htm

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Dheeraj (Learner)     13 July 2011

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@ US Sharma...

 Already read this page..

this page does not include all as specified above like HDFC etc.

 

@ Durgesh Thanks Sir, But this site is not working...

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U S Sharma (glidor@gmail.com)     13 July 2011

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go to your mutual fund site and check the status of specific fund, also the redemption memo contain the exemption notification data.

 

mere on gross information "mutual fund" discussion can not continue. unless specific fund details are available 


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